French depart from Luton airport

FRENCH construction group Vinci has finally said 'au revoir' to

TBI

Speculation that activist investor Laxey Partners had waded in for stock and now sits on 3%-plus got punters excited and the shares closed 3 1/2p better at 66 3/4p.

Laxey has made a name for itself by acquiring stakes in underperforming companies and trying to shake them up. It was all over British Land like a rash for almost two years when it tried unsuccessfully to break up the giant property group. However, it did help force John Ritblat to split his roles as chairman and chief executive.

Laxey could now turn the screw on the TBI management, which analysts say has continued to disappoint. TBI has been held up by sporadic rumours of a management buy-out which chief executive Keith Brooks has for ever denied. German airports group Hochtief earlier this year also made an abortive takeover approach.

British Airways flew 11p higher to 247p following a Citigroup buy recommendation in the wake of Tuesday's upbeat agm. The broker's target price is 400p.

It was blue skies all the way for the Footsie for a change as it celebrated Fed chairman Alan Greenspan's bullish comments overnight on the US economy, coupled with impressive trading statements from Argos catalogue group Gussies (29p up at 852 1/2p) and mobile phone company mmO2 ( 3/4p easier at 88 3/4p). Up 52.1 points at best, the Footsie closed 37.9 to the good at 4377.3.

Wall Street further responded to Greenspan's views that the world's biggest economy remains strong and growth in the latter half of the year is likely to be higher than the first half. It opened 88 points higher.

Revived talk of a possible bid from Barclays Bank (12 1/2p up at 460p) sparked speculative buying of mortgage bank Bradford & Bingley. The two have spoken before. B&B touched 268 1/2p and closed 8 1/4p better at 262 1/4p.

Marks & Spencer edged 1 1/2p higher to 345 1/2p as the dust continued to settle following entrepreneur Philip Green's failed takeover attempt. Deutsche Bank, which is facing big losses on an 8.3% stake - 88.7m shares - surprisingly amassed during the latter stages of the saga, sold 27.4m, or 1.2%, last Friday.

Speculation that the European Commission's approval this week of the merger of Bertelsmann Music and Sony Music to create the world's second-largest music group with 22% market share could assist EMI in resurrecting a merger with Warner Music helped the UK music giant to jump 9p to 233 3/4p.

Numis analyst Richard Hitchcock says don't hold your breath. He asks whether the EC having allowed the industry to consolidate from five to four players, would then allow further consolidation from four down to three. Unlikely in the short-term.

Burren Energy rose 10 1/4p to 360p following an upbeat drilling report.

Griffin Mining edged up 1/2p to 18 1/2p in anticipation of a bullish trading statement. The company should reveal that it has more than £10m cash in the bank, allaying fears of an imminent fundraising.

Financial PR firm Hansard soared 9 1/2p to 46p prior to a late announcement that the board is in talks regarding a number of possible transactions and a potential share placing. Daniel Stewart has been appointed nominated adviser and broker.

Fund manager Savoy Asset Management held rock steady at 127 1/2p following full-year results. Funds under management have more than doubled to £1.1bn. Turnover was lifted to £7.34m and operating profits were £111,612.

Whispers that UBS will soon be become its sole broker lifted Bioprogress 7p to 74 1/2p.

WORD is that Aim-quoted European Diamonds will soon be the largest diamond producer in the world outside of the big three - De Beers, Rio Tinto and BHP. Rumours suggest it has found a 'sizable' diamond at its project in Lesotho, Africa. The find will confirm its enormous potential and analysts believe it could soon be producing 300,000 carats per annum. Overlooked for a while, the shares raced 8p higher to 65p.

Where next for the FTSE 100? Click here.

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